The U.S. House passed the budget on a party-line vote Thursday night, 233-196; later the Senate passed a modified version 55-43 with two Democrats joining all 41 Republicans in opposition. Indiana Sen. Evan Bayh (D-Shirkieville) was one of the two.
This budget calls for approximately $4 trillion in expenditures in a single year, or nearly 29% of our country’s gross domestic product (GDP). According to Congressional Budget Office estimates, the Obama Administration’s budget blueprint, if followed, would double the national debt in five years and nearly triple it by 2019 – a point at which America’s federal debt would equal 82% of GDP.
The Indiana Chamber adamantly opposes such irresponsible spending, as well as many of the specific programs and tax increases included in the president’s proposal and urged the entire Indiana congressional delegation to reject the president’s proposal and adopt a more fiscally restrained, responsible alternative.
In addition to unsustainable spending and unacceptable levels of public indebtedness, President Obama’s budget would radically alter the federal government’s relationship to its citizens through expansive new proposals regarding taxation, energy, environmental regulation and health care. Hoosiers are looking for a common-sense solution to restore the economy, not an expansive overhaul of federal government programs. Increasing taxes as a means to finance new federal spending on health care reform, Medicare and energy policy resulting in the country’s largest government expansion in decades is the wrong answer at the wrong time. The country simply cannot afford a budget this out-sized, nor can we expect small businesses to invest in the economy or employ workers while their livelihoods are threatened by tax hikes and federal intervention across numerous markets and industries.
The Indiana Chamber is alarmed at the sheer size of the president’s proposal and what it portends for the future of free enterprise, job creation and economic growth in our country.
HOW THEY VOTED: Within Indiana’s Congressional delegation, Democrat Joe Donnelly and Republicans Dan Burton, Steve Buyer, Mike Pence and Mark Souder voted against the budget plan. Democrats Andre Carson, Brad Ellsworth, Baron Hill and Pete Visclosky voted in favor. In the Senate, both Republican Richard Lugar and Democrat Evan Bayh voted against.